The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
State-Dependent Pricing and the Dynamics of Money and Output
Abstract
Standard macroeconomic models of price stickiness assume that each firm leaves its price unchanged for a fixed amount of time. We present an alternative model in which the pricing decision depends on the state of the economy. We find a method of aggregating individual price changes that allows a simple characterization of macroeconomic variables. The model produces a positive money-output correlation and an empirical Phillips curve. In addition, the impact of monetary shocks depends crucially on the current level of output, which points to a natural connection between state-dependent microeconomics and state-dependent macroeconomics.
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Citations
Cites
A Model of the Demand for Money by Firms
Miller, M. H., & Orr, D. (1966) · The Quarterly Journal of Economics · doi:10.2307/1880728 · Cited by 1,340
Cited by
Sources of Inaction in Household Finance: Evidence from the Danish Mortgage Market
Andersen, S., Campbell, J. Y., Nielsen, K. M., & Ramadorai, T. (2020) · American Economic Review · doi:10.1257/aer.20180865 · Cited by 262
Metadata
- Authors
- Caplin, A., & Leahy, J.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1991-08-01
- Volume
- 106
- Issue
- 3
- Pages
- 683-708
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W2110845124
- Cited by
- 304
- References
- 1
- FWCI
- 18.60
- Type
- journal article
- Language
- en
- Open access
- closed
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- Caplin, A., & Leahy, J. (1991). State-Dependent Pricing and the Dynamics of Money and Output. The Quarterly Journal of Economics. https://doi.org/10.2307/2937923
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
